Blog Posts

Financial envy is even more of a thing now than it was back in 1913 when cartoonist Arthur R. “Pop” Momand debuted the comic strip “Keeping Up with the Joneses,” which centered on the misadventures of Aloysius P. McGinnis and his family, who were always trying to keep up with their never-seen neighbors, the Joneses.

Today, we not only have television shows displaying lifestyles of the rich and famous, we’re punched with images and status updates in social media, too. We not only see the “Joneses” on television, but we are likely connected on social media to colleagues and friends who post frequent photos and statuses about their new luxury car, boat, or 3-carat diamond ring.

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By Michael J. Searcy

According to the Medscape Physician Compensation Report for 2017, the top physician earners were orthopedists, plastic surgeons and cardiologists, earning an average of $446,333 per year. The lowest earners were pediatricians, endocrinologists and family physicians, earning an average of $210,333 per year. By many accounts, these salaries are high, but they don’t show the whole financial story of a physician. They don’t show that in 2016, the average salary for a resident was $56,500 and that many are in the resident stage for 6-8 years. They don’t show that 40% of residents have over $200,000 in medical school debt or that 41% of physicians in their early 40s are still trying to pay off their student loans. Physicians are not immune to debt; here are some questions about debt we frequently hear:

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By Jessica Searcy-Maldonado

Does retirement sound like a stress-free period of life where you aren’t exhausting yourself for a paycheck and can make your own schedule? For the 80 percent of Americans who believe they won’t have enough saved for retirement, “stress-free” may be the last term they would use to describe it. If many of us are already concerned about having enough money saved to retire, why would we hinder our savings ability by taking a loan from the very account where our nest egg should be growing? One answer: because we can.

A loan provision on an employee-sponsored retirement plan allows participants to take out a loan from their account for any reason they deem necessary. We’re not talking about a “hardship provision” which lets employees distribute money for a specific hardship; rather, a loan provision is an unregulated way for an employee to borrow whenever, for whatever they want. Christmas gifts? A vacation? Are these really reasons to put your financial future in jeopardy? Consider these pitfall examples:

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Ways to Reduce Your Liabilities in 2017

Debt in America is a real issue facing most people today. To date, 70% of Americans carry a debt burden. That means the vast majority of individuals are trying to navigate a tricky balancing act of financial wellness. To help you get ahead in your financial life in 2017, and to set you on a path toward the prosperity you desire, take the time to look closely at your own liabilities.

From analyzing your budget to addressing your credit card interest rates, you have a variety of approaches to help minimize your debt. Here are some key ways you can declutter your debt this spring and move closer to financial freedom:

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Revisit Your Fiscal Priorities Each Year

Building a healthy financial life is an important concern that everyone should address with diligence and care. Rather than being a one-time event, evaluating your finances—and ensuring you don’t lose sight of your goals—requires timely, purposeful attention.

Imagine, for example, if you went to the doctor, created a thorough and personalized health strategy, carefully stuck to the plan, and then didn’t have another appointment for 5 years. You might have felt as though you didn’t need to go to for a checkup because your plan helped you make healthy life choices. However, the reality is that a lot can change in a very short period of time, such as medical advancements and new ailments. Though you believed you were on the right path, you might have missed critical guidance and professional insight.

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We look at your personal and financial goals, financial freedom (retirement) planning, estate and asset conservation and insurance and tax needs to deliver a plan that will help you acquire, grow and preserve your wealth.

Our investment team implements rigorously researched investment strategies designed to help our clients acquire, grow and preserve their wealth. By understanding your preferences, appetite for risk, goals and your timeline, we select and manage an investment allocation specifically tailored to meet your needs. You can confidently delegate the detailed day-to-day task of portfolio management (which includes securities selection, trading, performance monitoring and responding to changes in the markets and the economy) knowing that your investments are being looked after.

The financial demands on your life as a physician will be unique in every stage of your career. We can walk with you as you navigate debt management, contract negotiations, asset protection, succession planning for your practice, insurance needs, and other professional challenges. Our strategies can help guide you through a fulfilling career and lasting legacy.

Planning for multi-generational families brings about unique financial concerns when you incorporate different viewpoints, backgrounds and goals. We help families approach uncomfortable issues such as wealth transfer, family foundation planning, and continuity while addressing emotional and psychological perspectives of family members.

We help you identify your specific retirement goals and develop a plan and strategy that can help you achieve them.

By understanding what a successful retirement plan looks like to you and your company, we will help you assess your goals to keep your retirement plan on track to benefit your business and employees. The heavy-lifting of the plan management becomes our responsibility, leaving you free to focus on the management of your business. 

We are committed to quality, support, and ethical business practices so that our Overland Park firm will be your choice for financial advisement.

Searcy Financial helps clients choose an appropriate claiming strategy while addressing life changes, such as divorce and its effect on Social Security.

The confusion associated with giving care to individuals with special needs can be overwhelming. We help families connect with resources, work to understand the prognosis, and get support to navigate Special Needs Trusts and asset protection. Our goal is to enhance the livelihood of you and your dependents, leaving you time to focus on living a full life and celebrating the gift of their presence.

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